Two Seas Capital LP

All Holdings — 2025 Q4

Portfolio Concentration Analytics: 7.6
Risk-based ENB:
Total Positions
46
Quarter
2025 Q4
Top Holding
SPY (52.1%)
Top 10 Concentration
82.4%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 46
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
SPY
SPDR S&P 500 ET...
PUT
PUT Option 52.08% 62.05% #1
Prev: #1
10.0 -2,095,300 -36.1%
P
S
3,707,000 $2,527,877,440 2022 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
IWM
ISHARES TR
PUT
PUT Option 5.33% 5.63% #2
Prev: #2
2.2 -400,000 -27.6%
P
S
1,050,000 $258,468,000 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CORZ
CORE SCIENTIFIC...
Technology 5.10% 4.42% #3
Prev: #3
4.1 1,647,243 10.7%
P
S
17,011,221 $247,683,378 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
ROIV
ROIVANT SCIENCE...
Healthcare 4.38% 2.85% #4 1
Prev: #5
1.8 -1,962,273 -16.7%
P
S
9,791,891 $212,484,035 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
INDV
INDIVIOR PLC
Healthcare 3.78% 4.07% #5 1
Prev: #4
1.7 -5,394,954 -51.4%
P
S
5,109,198 $183,318,024 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
TLN
TALEN ENERGY CO...
Utilities 3.03% 1.82% #6 1
Prev: #7
3.4 125,086 46.9%
P
S
391,974 $146,927,534 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CLMT
CALUMET INC
Basic Materials 2.86% 1.69% #7 1
Prev: #8
3.2 1,223,691 21.3%
P
S
6,976,229 $138,617,670 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CORZ
CORE SCIENTIFIC...
CALL
CALL Option 2.54% 0.98% #8 3
Prev: #11
3.3 5,077,600 149.3%
P
S
8,477,600 $123,433,856 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
HUT
HUT 8 CORP
CALL
CALL Option 1.66% #9
Prev: #—
2.7 1,752,500 no change
NEW
1,752,500 $80,509,850 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SHC
SOTERA HEALTH C...
Healthcare 1.60% 0.85% #10 3
Prev: #13
2.7 1,038,878 30.8%
P
S
4,412,106 $77,829,550 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
GCI
USA TODAY CO IN...
Unknown 1.54% 0.94% #11 1
Prev: #12
2.6 372,000 2.6%
P
S
14,552,621 $74,945,998 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
FSLR
FIRST SOLAR INC
Technology 1.53% 1.21% #12 2
Prev: #10
0.7 -56,433 -16.6%
P
S
284,259 $74,256,979 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
IMVT
IMMUNOVANT INC
Healthcare 1.50% 0.71% #13 3
Prev: #16
2.6 104,922 3.8%
P
S
2,866,962 $72,878,174 2023 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ABUS
ARBUTUS BIOPHAR...
Healthcare 1.25% 0.80% #14
Prev: #14
2.5 1,597,897 14.5%
P
S
12,589,158 $60,553,850 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
IBIT
ISHARES BITCOIN...
PUT
PUT Option 1.25% #15
Prev: #—
2.5 1,218,000 no change
NEW
1,218,000 $60,473,700 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ROIV
ROIVANT SCIENCE...
CALL
CALL Option 1.09% 0.59% #16 4
Prev: #20
0.4 no change no change
P
S
2,435,500 $52,850,350 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
WULF
TERAWULF INC
Financial Services 1.07% 0.71% #17 1
Prev: #18
2.5 651,606 16.9%
P
S
4,502,794 $51,737,103 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ESPR
ESPERION THERAP...
Healthcare 0.91% 0.41% #18 7
Prev: #25
2.4 2,152,797 22.1%
P
S
11,902,521 $44,039,328 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
SATS
ECHOSTAR CORP
Communication Services 0.90% 0.36% #19 7
Prev: #26
2.5 109,665 37.5%
P
S
402,135 $43,712,075 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
GLNG
GOLAR LNG LTD
Energy 0.90% 0.71% #20 3
Prev: #17
2.4 75,000 6.8%
P
S
1,170,998 $43,572,836 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
VST
VISTRA CORP
Utilities 0.83% 0.53% #21
Prev: #21
2.5 79,707 46.9%
P
S
249,707 $40,285,230 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
FTAI
FTAI AVIATION L...
Industrials 0.76% 0.72% #22 7
Prev: #15
0.4 -83,392 -30.9%
P
S
186,209 $36,655,242 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
NKTR
NEKTAR THERAPEU...
Healthcare 0.65% #23
Prev: #—
2.3 745,185 no change
NEW
745,185 $31,506,422 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NBIS
NEBIUS GROUP N....
Communication Services 0.59% 0.42% #24 1
Prev: #23
2.4 110,000 46.9%
P
S
344,482 $28,834,866 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
HUT
HUT 8 CORP
Financial Services 0.47% #25
Prev: #—
2.2 491,500 no change
NEW
491,500 $22,579,510 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CRWV
COREWEAVE INC
CALL
CALL Option 0.00% 2.59%
Sold All 😨
(Was: #6)
0.3 -1,180,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
AVDL
AVADEL PHARMACE...
Healthcare 0.00% 1.32%
Sold All 😨
(Was: #9)
0.3 -5,369,082 -100.0%
CLOSED
$— 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
PCG
PG&E CORP
CALL
CALL Option 0.00% 0.46%
Sold All 😨
(Was: #22)
0.3 -1,910,800 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SOC
SABLE OFFSHORE ...
CALL
CALL Option 0.00% 0.42%
Sold All 😨
(Was: #24)
0.3 -1,500,000 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BUR
BURFORD CAP LTD
Financial Services 0.00% 0.31%
Sold All 😨
(Was: #27)
0.3 -1,602,067 -100.0%
CLOSED
$— 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
BTDR
BITDEER TECHNOL...
Technology 0.00% 0.12%
Sold All 😨
(Was: #34)
0.3 -450,000 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ANIP
ANI PHARMACEUTI...
Healthcare 0.00% 0.04%
Sold All 😨
(Was: #39)
0.3 -25,721 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
GLXY
GALAXY DIGITAL ...
Financial Services 0.00% 0.02%
Sold All 😨
(Was: #40)
0.3 -35,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-25 of 46 holdings

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